Colliers International Group Inc. (CIGI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+17.5%

$122.57

vs $104.35 price

Levered DCF

$71.62

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.74

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	71.02×	41.97×	89.73×	20.54×	-26.88×	37.77×	22.41×	22.1×
P/B	3.55×	5.12×	6.9×	8.16×	10.97×	6.12×	6.01×	5.5×
P/S	0.96×	1.41×	1.35×	0.9×	1.56×	1.28×	1.01×	0.76×
EV / EBITDA	12.04×	14.01×	15.33×	11.48×	292.77×	15.88×	12.33×	9.59×
Gross margin	30.8%	39.9%	40.1%	38.3%	38.4%	37.5%	35.7%	35.7%
Operating margin	7.2%	8.1%	6.9%	7.5%	-3.2%	5.9%	7.2%	7.1%
Net margin	1.9%	3.4%	1.5%	1.0%	-9.5%	1.8%	3.4%	3.5%
Current ratio	5.75×	1.06×	1.02×	0.9×	1.02×	0.93×	0.78×	0.95×
Debt / equity	1.76×	1.55×	2.52×	4.28×	2.23×	2.15×	1.78×	1.71×
Interest coverage	4.87×	4.54×	3.2×	6.84×	-4.13×	5.32×	7.41×	9.66×
Dividend yield	0.3%	0.2%	0.2%	0.3%	0.1%	0.1%	0.1%	0.2%
Payout ratio	14.8%	9.1%	20.6%	28.3%	-1.1%	8.1%	3.8%	4.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	12.2%	7.7%	9.4%	-67.1%	8.4%	20.1%	24.9%
Return on invested capital	4.4%	6.2%	4.8%	5.8%	-5.1%	4.6%	7.7%	9.1%
Return on assets	1.5%	2.7%	1.2%	0.9%	-10.1%	1.5%	3.6%	4.1%
Free cash flow yield	4.3%	3.8%	1.4%	-0.0%	3.6%	3.5%	8.6%	10.3%
Earnings yield	1.9%	2.4%	1.1%	1.2%	-6.1%	1.4%	3.3%	4.5%
Enterprise value	$7.9B	$8.7B	$7.8B	$5.9B	$7.3B	$4.7B	$3.9B	$2.7B
Net debt / EBITDA	3.73×	3.04×	3.84×	3.73×	36.19×	3.74×	2.53×	1.94×
Cash conversion cycle (days)	73	13	8	-6	13	-6	4	21